Recommendations of the Members By-Laws Review Committee 3 Current By-Laws (January 2023) (A) Board’s Proposed Change (B) Board’s Rationale (C) By-Law Committee’s Recommendation (D) By-Law Committee’s Rationale (E) (i) goods, services or accommodation that the society provides to the member, or (ii) shares, loans or other securities of the society; (n) “officer” includes a president, secretary, treasurer, director or other person empowered under the Regulations or By-Laws to give directions respecting the business of the Society; (o) “Qualifying Shares” means the number of shares required for membership in the Society, as prescribed by the By-laws in accordance with Section 10(1)(a)(v) of the Act. (p) “Registrar” means the Registrar of Cooperative Societies; (q) “regulations” means Regulations made under the Co-operative Societies Act 1990-23; (r) “security” (i) means a share or a debt obligation of the Society, and (ii) includes a certificate evidencing the share or debt obligation; (s) “security interest” means an interest in or charge on the property of the Society by way of mortgage, charge, hypothec, pledge or other obligation taken by a creditor to secure payment of a debt of the Society. (t) “relative” means a spouse, child, father, mother, brother, sister, uncle, aunt, nephew and niece. (u) “Returning National” means a citizen of Barbados who has lived in a foreign country for five or more consecutive years. (o) “good financial standing” means that the member has complied with all the requirements of membership, shares, savings and or loan repayment and is not subject to any form of sanction. (p) “member” includes a person joining by way of application for registration as a member of the Society and a person or society admitted to membership after registration in accordance with this Act and the By-Laws of the Society. (q) “regulator” means the Financial Services Commission; (r) “relative” means any individual who has a familial relationship with a director, officer, or employees of the organization. This includes, but is not limited to spouse or domestic partner as defined under the provisions of the Succession Act Chapter 249 of the Laws of Barbados or the Family Law Act Chapter 214 of the Laws of Barbados, parents and stepparents, children (biological, adopted, or stepchildren), siblings (biological, adopted, or stepsiblings), grandparents and grandchildren, aunts, uncles, nieces, and nephews, any in-laws (mother-in-law, father-in-law, son-in-law, daughter-in-law, brother- inlaw, sister-in-law), any other individual who resides in the same household or who shares a significant familial relationship. (3) Any words or phrases defined in the Regulations will, if consistent with the subject or context, have the same meaning in these By-laws.
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